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Do Student Loans For Bad Credit Really Exist Or Should I Give Up On a College Education?


My Credit Score Is The Pits!
Ever heard someone exclaim, “I have bad credit, can I still get student loans?”

In the United States, bad credit is equated to your credit score.

If a person has a low credit score, they are said to have bad credit.

The question begs, “Is there student loans for bad credit?”

If not, is an aspiring students dream’s dashed? If there is, where does one find these loans and what price are they going to have to pay?
Let’s start by examining what is generally considered bad credit.

Do you realize that a person who pays all of their bills on time and has no debt can still be considered to have BAD CREDIT due to the way the system metes out credit scores?

I recently had a client who paid all of his credit cards off in full when the payment was due.

He never once had a late payment. He paid off all of his student loans within four years of graduating from college.

He leased a town home for three years and was perfect on those payments.

He caught a deal on a 0% auto loan that stayed at 0% if you paid off the vehicle within the incentive period.

He pushed and paid off the auto loan before the incentive period expired and yet with all of his history of paying on time, he was declined a mortgage because they said he didn’t have enough open accounts with balances to prove that he was a good credit risk. Huh?

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Here is my point about the credit system in the United States; this system is designed to keep Americans in debt. It is a form of social engineering at its best. If you are paying attention, the push to finance everything using the 30-year, 360-payment model, is rapidly becoming a reality. Student loans now have 30-year payment plans. And you can expect 360 payments to become standard for car loans. It sounds unbelievable but moment in time is quickly approaching.

That client had a perfect payment history and a great income with a secure future but a low credit score; all because he avoided piling on debt. The system was set on pushing him into debt.

Consequently, when we talk about student loans for bad credit, we could be talking about individuals like that client. We could also be talking about people who have absolutely no credit history at all, like the average teenager. And, we could be talking about individuals who have decided to return to school for a variety of reasons.

The first thing you need to realize and take heed to is this; never shop specifically for “bad credit student loans.” The moment you put yourself in that bracket and start searching for bad credit lenders, you are going to open yourself up to companies and individuals who prey upon what they perceive to be the financial weaknesses of others. In regards to student loans you have options so let’s take a look at them.

Stafford Loans
As quiet as it is kept, Stafford Loans are probably the widely known student loan. But what most people are unaware of is, there are no credit checks when it comes to Stafford Loans. Both the federally subsidized and non-subsidized Stafford loans are typically free from any and all credit requirements.

Perkins Loans
Perkins Loans are distributed to financially challenged students through their college campus. These loans are also federally funded and require no credit check.

And just so you know, aspiring students are not intrinsically disqualified from other credit-based student loans due to what is perceived as bad credit, in and of itself. That is why it is vitally important to talk with qualified financial aid counselors and of course glean information from sites such as the Student Loan Whiz.

Brad Matheson is a professional Financial Consultant who specializes in helping businesses and individuals resolve their debt issues. He believes that all debt problems can be solved with the right debt advice and aspires to help Americans learn all of their debt options and exercise all of their rights. Says, Matheson, “Don't allow the Student Loan Debt crisis or a Defaulted Student Loan to hinder or block your career aspirations or stymie your financial dreams, there is Student Loan Help available!”